Articles

    SHOWING:

    4651 to 4700 of 4874 results
      

    Sort By:

    Search

    Filter By:

    Topics

    show more show less

    Jurisdictions

    show more show less

    Allegations

    show more show less

    Bermuda Commercial Bank in joint venture with Merrill Lynch

    Bermuda Commercial Bank and Merrill Lynch Asset Management yesterday signed a shareholders agreement to establish BCB Merrill Lynch Asset Management Ltd., which is expected to be incorporated as a local company by today.

    Mello Hollis resigns from Bermuda Fire legal case

    Law firm Mello Hollis Jones & Martin resigned from the investigation into Bermuda Fire & Marine Insurance because of "professional disagreements" with a British law firm also involved in the case, we have been told.Its decision to resign - only a few weeks after MHJ&M partner Saul Froomkin had interviewed Bermuda's Fire's top directors - had nothing to do with concerns about the high profile nature of a case that affects some of the most powerful members of the community, according to sources.

    First Bermuda Securities sues Gordon Capital over BFCL

    Investment firm First Bermuda Securities Ltd. is suing a former business partner for $791,668 in alleged unpaid commissions stemming from the Bermuda Financial Centre Ltd. project.FBS filed a lawsuit yesterday at Bermuda Supreme Court against Gordon Capital Corporation, of Toronto.

    BF&M policyholders’ ‘not at risk’

    Long-term policyholders with BF&M Ltd. are not at financial risk because of a multi-million dollar lawsuit brought against the firm by the liquidators of its former parent, BF&M's lawyers have claimed. Although BF&M Life Insurance Company Ltd. is named as a co-defendant in the lawsuit, long-term policyholders are protected under Bermuda law, said lawyer Timothy Marshall, of Marshall & Company.

    Staples (Bermuda) boss discusses his company

    Earlier this year, Staples Ltd. took over its larger rival, Chips Ltd. and merged the operations into one subsidiary of Staples Holdings Ltd., which is listed on the Bermuda Stock Exchange. In the second of our series of company profiles, Staples' chief executive officer Mark White discusses the merger and other issues facing the company with David Marchant.

    Policyholders stick with BF&M despite lawsuit

    BF&M's policyholders appear to have decided to stick it out with their company in the wake of a multi-million dollar lawsuit against the firm.BF&M's main local rivals, Colonial Insurance and Argus Insurance, said they have seen little or no new business as a result of BF&M's legal problems.Last week, the liquidators of Bermuda Fire & Marine brought a lawsuit in an attempt to gain control of BF&M's assets to pay overseas creditors, who are estimated to be owed.in excess of $100 million.

    BF&M lawsuit will focus on 1991 sale of assets

    The focus of the court action filed yesterday against BF&M Ltd. and other co-defendants will be the complex sale of Bermuda Fire & Marine's profitable domestic business in 1991. Bermuda Supreme court must decide whether the sale was done fairly and in the best interests of the firm's policyholders and shareholders, as Bermuda Fire's directors claim, or whether it was a way of avoiding expected claims by U.S. policyholders, as creditors claim.

    EXEL forms reinsurer

    Bermuda-based EXEL Ltd. has announced it intends to establish a wholly-owned subsidiary, XL Reinsurance Company Ltd., to provide specialty reinsurance coverage for captives, commercial insurance reinsurance companies, with a start-up capital of $250 million. It is expected to be operational by December 1, 1995.In addition, another EXEL subsidiary, XL Insurance Company Ltd., will increase the maximum limits offered to general liability clients to $150 million from $100 million. Individual directors and officers liability insurance limits for "Side A" coverage only are being raised to $50 million from $25 million.

    $71 m wiped off Sphere Drake’s market cap after increasing marine P&I reserves

    Sphere Drake Holdings Ltd. had $71 million wiped off its market value in the four trading days after the firm announced it was increasing by up to $15 million its reserves on its marine protection and indemnity insurance business.Investors began bailing out of the company immediately after the insurer's surprise announcement on September 27 that the extra reserving would lead to a drop in third-quarter earnings of $12.75 million or 69 cents per share.

    Legal First: Bermuda court declares director ran company knowing it was insolvent

    Former government tourism officer and failed travel agency boss Francis Purvey has become the first director of a Bermuda company to be adjudged to have carried on running a firm while he knew it to be insolvent.The Supreme Court has made a declaration that Mr. Purvey fraudulently traded as president and director of World Travel Advisors Ltd., a travel agency he set up in 1985 after leaving the Department of Tourism.

    Bermudians leave themselves open to US property taxes

    Some Bermudians are unwittingly and unnecessarily leaving themselves open to hefty U.S. taxes on their American investments, according to a tax advisor who will be giving two tax/investment seminars in Bermuda next week.James Sabo said the plight of one Bermudian/American couple who had been receiving rent on a U.S. property they owned was a classic example of how ignorance of the U.S. tax laws can get you into trouble.

    Comerica applies for Bermuda business licence

    Eyebrows have been raised in the local investment community following an application by Comerica Trust Company of Bermuda Ltd. for a licence to do business locally - only a week after being granted an exempted trust licence.

    Mutual Risk Management acquires CFM Insurance

    Mutual Risk Management has agreed to acquire CFM Insurance Managers, a Bermuda company which provides risk management services to captive insurance firms based on the island. Several CFM clients are subsidiaries of European companies and many are involved in the international marine insurance market, a release announcing the deal stated.

    Bermuda’s mortgage industry faces change

    Bermuda's mortgage company bosses appear to be resigned that their industry is changing significantly and that the current shortage of funds available for home-buyers is more than just a regular down-cycle.

    Prospectuses issued for Palladium Insurance

    Prospectuses have been sent out in an attempt to raise $30 million through the private placement of preference shares for an innovative new Bermudian catastrophe reinsurer - Palladium Insurance - which intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.

    GulfStream promotes Longtail Global Fund

    GulfStream Securities has been appointed distributor of a new mutual fund aimed at the Bermuda market which professes to bring locals an investment strategy that is not commonly used in offshore funds.

    Palladium Insurance – plans to securitize risk

    Efforts are being made to raise $100 million for a joint Bermudian/American catastrophe insurer/reinsurer called Palladium Insurance Ltd that intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.

    John Goldberg ousted from Johnson & Higgins

    John Goldberg has been replaced as head of J&H Intermediaries, the Bermuda broking unit of insurance firm Johnson & Higgins, and transferred to the firm's offices in New York.His position in Bermuda is being taken by Dick Southworth, who is relocating from J&H's Cleveland office.

    An analysis of the investment strategies of Schroders (Bermuda)

    Merchant bank subsidiary Schroders (Bermuda) Ltd. caused a stir in the investment sector last week by announcing a licence to offer investment advisory and management services to local companies. The group's reputation and sheer size - it has more than $100 billion under management and approximately 300 investment professionals worldwide - should ensure Schroders wins more than its fair share of trust and insurance business on the island. David Marchant takes a look at the structured investment management process the group uses in a quest for optimum returns.

    Sir David Gibbons discusses Bermuda’s economy

    Many Bermuda retailers will have to merge to survive, the tourism industry should be remarketed and new premier David Saul's skin colour is not a bar to him winning a general election, according to one of the island's most distinguished business and political figures, Sir David Gibbons.In a wide-ranging interview on the state of the economy and measures that can be taken to improve it, the Bank of Butterfield chairman and former premier said there was evidence that local building projects and international company formations and expansions put on hold because of the referendum were now being reactivated.

    Prima Vera restaurant sues St. George’s Club timeshare company

    Prima Vera Ltd. is suing the owners of The St. George's Club timeshare complex for $52,892 at Supreme Court in a dispute relating to the running of the Club's restaurant, The Margaret Rose.The St. George's Club has responded by saying it will countersue for over $300,000 within the next 28 days.

    Barclays Bank sues Grotto Bay’s former owner

    Barclays Bank Plc is suing 16 defendants linked with Grotto Bay Beach Hotel for a sum believed to be in excess of $1 million.Barclays is seeking to recoup massive legal fees incurred successfully defending a lawsuit in New York brought against it by a previous owner of the hotel, Waterways Ltd.

    Schroders granted licence to do business locally in Bermuda

    Foreign-owned merchant bank Schroders (Bermuda) Ltd. has been granted a licence by government to provide investment advisory and investment management services to local companies.Local investment bosses have nothing to fear from increased competition, though, said the company's president, Richard Crowder.

    OIL increases per occurrence limit to $225 m

    Bermuda-based mutual insurer Oil Insurance Ltd. intends to increase its basic per occurrence limit from $200 million to $225 million, the firm has announced.It is one of several initiatives that the firm's president and chief executive officer, Doyle Stephens, said "are intended to make OIL more attractive to a broader market, increase its flexibility and its value to the existing customer base".

    Mortgage freeze in Bermuda

    Bermuda Home, one of the island's biggest mortgage-lending companies in Bermuda, has temporarily stopped authorising new mortgages and at least one other deposit-taking company is dissuading borrowers from taking out large loans, we can reveal.

    Bermuda expects international business boost after David Saul becomes premier

    Bermuda's $29 billion-capitalized international business sector looks set for a renewed boom following the emphatic rejection of independence last month and the appointment of a new, business-oriented premier, David Saul.There are already signs that investors in insurance and other areas who had held off until after the referendum result was known are now going ahead with their plans to form on the island.

    Waterloo House claims Waterfront project in Bermuda might force it to close

    The building of a marina at retailer Pearman Watlington's Waterfront location overlooking Hamilton Harbour could lead to the closure of Waterloo House hotel and restaurant, it has been claimed.Horizons Ltd., which owns Waterloo House, has joined Bermuda National Trust in objecting to planning approval for the $60 million planned development of PW's Pitts Bay Road site.

    Suspected money laundering in Bermuda

    British police investigating an alleged fraud that could run into billions of pounds are looking into whether some of the money may have been laundered in Bermuda.But they have been criticized by Bermuda Monetary Authority general manager Malcolm Williams for making allegations about the island which appear unsupported by any evidence.

    Bermuda’s National Pensions Scheme may not lead to boom for life insurers

    The Bermuda Government's proposed compulsory national pensions scheme for the workforce will not necessarily lead to a boom in the business of life assurance companies on the island, according to one local insurance boss.John Sainsbury, head of Argus Insurance, said, initially, many of the plans are likely to be small and the administrative costs for insurers are likely to be high.

    Bank of Bermuda invests in entrepreneurs

    The Bank of Bermuda has set up a new $10 million subsidiary company aimed at helping to groom the next generation of Bermudian millionaires.Rather than give out loans to budding businessmen, Compass Ventures Ltd. has been formed to provide equity capital to businesses which carry risk but have the potential to reap rich rewards, both for entrepreneurs and the bank.

    First Bermuda Securities to buy Bermuda Savings & Loan

    Secret talks have been taking place for investment firm First Bermuda Securities to buy a significant stake in Bermuda Savings & Loan Ltd. and take over its management, we can reveal.If the deal goes ahead, it would give FBS access to approximately $26 million that is on deposit with Bermuda Savings & Loan and could lead to new mortgage-related products becoming available.

    Bermuda reinsurers fund private study of what causes catastrophes

    Bermuda's reinsurance bosses are being asked to rely less on the past and more on the future in the way they assess catastrophic risks around the world. If they listen, it could help them avoid a hit and lead to big buck savings.By learning more about the science behind hurricanes, tornadoes, hail and flooding, they are hoping to revolutionize the way they do business.

    BFCL’s fate hangs in the balance

    Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.

    BFCL reaches make of break point

    Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.

    Kiskadee’s restaurant sued in Bermuda

    A restaurant part-owned by MP Nelson Bascome is being sued for $38,581 in alleged unpaid debts.But Mr. Bascome said that Kiskadee's Restaurant, which operates from The Belmont Hotel in Warwick, is not in danger of closing.

    Bermuda Stock Exchange to set up investors’ compensation pool

    A pool of money to help compensate investors who will lose out in the event of a trading member of the Bermuda Stock Exchange collapsing is likely to be in place by the end of the year, we have been told. To get the pool started, each trading member of the Exchange will be asked to contribute a one-off lump sum.

    Tom Davis sets up Winchester Trust in Bermuda

    Bermudians Tom Davis and Alan Brown have teamed up with international investment banking and financial services group Olympia Capital to apply for a new local trust company licence in Bermuda.Olympia will own 40 per cent of the new company, provisionally called Winchester Trust Company Ltd., with the remaining 60 per cent to be owned by Mr. Davis, a former Bank of Bermuda officer, and Mr. Brown, a former head of Westbroke Ltd., a corporate management subsidiary of law firm Conyers, Dill & Pearman.

    Entertainer sues owner of Henry VIII restaurant

    Entertainer Peter Stoney is suing the company that owns the Bermuda-based Henry VIII bar and restaurant for $32,600, claiming wrongful dismissal.Mr. Stoney, who claims he is contracted to work for the business until at least December 31, 1995, has had his contract terminated by Henry VIII boss Any Allan.

    Lord White dies – to be buried in Bermuda

    Industry giant Lord White of Hull, who married former model Victoria Tucker - 40 years his junior - in Bermuda in 1992 and who owns an apartment at St. James' Court, Flatt's, died of a heart attack on Wednesday evening in Los Angeles Hospital. He was 72.

    First claim made against estate of Bermuda restaurateur Walter Sommer

    The first legal claim against the estate of Fourways Inn founder Walter Sommer, who died on February 1, has been filed at Bermuda Supreme Court, which is handling his willl following the resignation of all three executors.The identity of the individual making the claim has not been released by the plaintiff's lawyer, Dennis Dwyer, of Hector & Associates.

    Michael Heslop settles lawsuit over diver’s death

    After two years of legal proceedings, local dive boat operator Michael Heslop has paid an undisclosed amount to settle out-of-court an action brought by the husband of a British woman who drowned on her first ever diving trip in Bermuda.

    US lawyer says Bermuda’s insurance laws fail to protect rights of policholders

    Outspoken American lawyer Eugene Anderson, who represents policyholders in actions against insurance firms, has attacked the ability of Bermuda's new insurance laws to protect clients who have claims against the island's insurers.Mr. Anderson, in his second attack on Bermuda's insurance industry over the last 13 months, said Bermuda's laws failed to protect the rights of policyholders.